3 mistakes that are common in high value divorces

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3 mistakes that are common in high value divorces

On Behalf of | Feb 4, 2019 | Firm News

Divorce can cause complications for Illinois couples who do not approach the situation properly. Though there is no official rule book for marriage and divorce, everything that transpires between spouses has an impact on the settlement. Couples who have considerable wealth and assets often experience delays when tricky issues crop up involving marital property, child custody and spousal support.

A divorce where money and property are the main sources of contention is not easy to settle, especially if one party was the primary or sole provider. When wealth and valuable assets are at the heart of a divorce, the stakes are considerably higher. Here are a few mistakes to avoid in divorce.

1. Oversharing

Privacy is often one of the first things to go the moment a spouse files for divorce. It is not helpful for one spouse to publicly do and say things and share them online and with friends in order to get a reaction out of the other spouse. Posting pics intended to make the soon-to-be ex-spouse jealous could provide information to support his or her case for custody or property division in court.

2. Missing documentation

When emotions and greediness come to play in divorce, spouses may forgo honesty. To keep assets from disappearing or going unreported, it is imperative for both spouses to inventory. Locating assets sometimes requires the use of third-party investigations, forensic tracing and a subpoena for discovery. Providing the courts with proper documentation on all marital and shareable assets can speed up the distribution process and finalize it quicker.

3. Overlooking divorce options

Not all marriages end in divorce court. Couples who can agree on most things involving their separation and are willing to remain amicable during negotiations often benefit from mediation. It is a litigation-free option where a third party remains neutral to help couples settle their affairs through collaboration.

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